{"id":2739,"date":"2017-01-04T04:47:10","date_gmt":"2017-01-04T04:47:10","guid":{"rendered":"http:\/\/arabicfxadvisors.com\/english\/?p=2739"},"modified":"2017-01-04T04:48:58","modified_gmt":"2017-01-04T04:48:58","slug":"dollar-edges-back-towards-14-year-peak-u-s-debt-yields-rise-3-jan-2017","status":"publish","type":"post","link":"https:\/\/arabicfxadvisors.com\/english\/dollar-edges-back-towards-14-year-peak-u-s-debt-yields-rise-3-jan-2017\/","title":{"rendered":"Dollar edges back towards 14-year peak as U.S. debt yields rise – 3 Jan, 2017"},"content":{"rendered":"

The dollar moved back towards a 14-year peak on Wednesday as U.S. debt yields resumed climbing, giving a lift against the safe-haven yen amid strong investor appetite for riskier assets.<\/p>\n

The dollar index against a basket of major currencies .DXY was up 0.1 percent at 103.30.<\/p>\n

The index climbed to a 14-year high of 103.82 the previous day in reaction to the Institute for Supply Management (ISM) numbers, which showed U.S. factory activity accelerated to a two-year high in December.<\/p>\n

<\/div>\n
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Late on Tuesday, profit-taking on the dollar in the wake of a pullback in U.S. yields had taken the index towards 103.00. ECONUS<\/p>\n

The euro was down 0.1 percent at $1.0394 EUR= after briefly recovering to $1.0423. It hit a 14-year trough of $1.0340 overnight.<\/p>\n

Against the Japanese yen, the greenback was up 0.2 percent at 111.970 JPY= after slipping to 117.540. The U.S. currency surged overnight to a near three-week peak of 118.605 yen.<\/p>\n

The yen, which usually benefits in times of risk aversion, struggled for traction as the region’s risk assets gained. The Nikkei .N225 added more than 2 percent in the first trading day of the year.<\/p>\n

U.S. Treasury yields had tempered the dollar’s overnight rally by making an about-turn following their initial spike in response to the upbeat ISM data. Then, amid the risk-on mood, yields rose again, shoring up the dollar.<\/p>\n

“The dollar’s moves show just how much the currency depends on Treasury yields for direction,” said Masashi Murata, senior currency strategist at Brown Brothers Harriman in Tokyo.<\/p>\n

“While I expect the dollar to be volatile given its close and sensitive link to Treasuries, from a longer-term perspective I see it tracking yields higher this quarter.”<\/p>\n

The 10-year Treasury note yield US10YT=RR surged to its highest level since September 2014 in December on expectations that U.S. President-elect Donald Trump would introduce reflationary measures backed by large fiscal spending, prompting the Federal Reserve to follow through with a series of interest rate hikes.<\/p>\n

The growing consistency of strong U.S. economic reports has also added to expectations of additional tightening by the Fed, which had just hiked rates last month.<\/p>\n

Still, the greenback was seen facing potential turbulence ahead of Friday’s highly anticipated U.S. non-farm payrolls report.<\/p>\n

“The problem is that the run-up to the Fed’s first rate hike in a year is now over and while policymakers have signalled plans to raise rates three more times this year, the dollar’s sharp rally last quarter invited profit-taking,” wrote Kathy Lien, managing director of FX Strategy for BK Asset Management.<\/p>\n

“There are also concerns about how strong Friday’s non-farm payrolls report will be.”<\/p>\n

The Australian dollar was up 0.3 percent at $0.7238 AUD=D4. The Aussie was on a steady footing after being buoyed the previous day by a survey showing China’s December factory activity picked up faster than expected.<\/p>\n

The New Zealand dollar did not fare as well against the broadly higher dollar, slipping 0.2 percent to $0.6903 NZD=D4.<\/p>\n

The pound was little changed at $1.2238 GBP=D4 after stooping overnight to a two-month low of $1.2200.<\/p>\n

Source: Reuters<\/p>\n","protected":false},"excerpt":{"rendered":"

The dollar moved back towards a 14-year peak on Wednesday as U.S. debt yields resumed…<\/p>\n","protected":false},"author":2,"featured_media":1675,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":true,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false},"version":2}},"categories":[373],"tags":[],"class_list":["post-2739","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-news"],"jetpack_publicize_connections":[],"yoast_head":"\nDollar edges back towards 14-year peak as U.S. debt yields rise - 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